I'm 19, I rent my own apt and im not in any debt at all, but i'm having the hardest time trying to get a credit card. the only reason i want one is to be able to pay for school. i've tried applying for store credit cards and everything but it wont work because i "don't have established credit". How am I supposed to get credit when I dont have credit? All I'm trying to get is a $500 card to pay off 1 or 2 classes and keep for emergencies. Help!!
2006-07-18 04:16:59 · 11 answers · asked by Hypnotiq 3 in Business & Finance ➔ Credit
When I was 18, I picked up an application for a Citibank card at my college campus. I was quickly accepted and still have the Citi card today. I'm 26. I highly recommend them. See if there are applications posted around your campus. If not, see about getting a secured credit card. This is where you make a deposit of (for example) $500 then you can borrow against that. Responsible use of it will show that you can handle an unsecured (regular) credit card.
2006-07-18 04:40:31 · answer #1 · answered by Rich B 3 · 2⤊ 0⤋
I did this with a friend and in 60 days he had 2 credit cards, 1 gold card with a $5000 limit and a regular with a $500 limit. This takes a little effort, but it's not hard.
What you do is find a friend with a credit card that has a good rating with that card. Have them check their credit report to make sure the rating on their card is R1 (revolving with payments made on time). Here's where you're going to have to do some kissing up. Tell your friend that you are trying to build credit and what you want them to do is to add you to their account as a joint account owner NOT AN AUTHORIZED USER, it has to be a joint owner on the account. They'll get frantic, but you tell them that you will never use the card. Tell them that the card will be mailed to them directly and as soon as they get it, cut it up. That way, the card is never used, and you don't run up a debt on their account.
What this does is that when the bank reports the card to the credit bureaus on their next reporting cycle (which is usually every 30 days), all the history on that card is placed into your credit file as if you did it yourself. Since you're 19, make sure the person has only has the card for at most 2 years, it would set off a flag if the person had the card for 10 years as it would say you had a credit card since you were 9 years old.
Once the positive information is transfered to your credit profile, apply for a card of your own. When you get your new card, call your friend and tell them to call their bank and cancel the joint ownership on the account, thus making their account an individual account.
Anyone using this technique can transfer as much as 10 years of triple A credit to their credit file in about 30 days.
Like I said, I did it for a friend of my and within 60 days he had 2 unsecured credit cards of his own. The bank mailed me his card and I cut it up as soon as I got it, so he never even saw the card. When my 8+ years of positive credit was reported on his file, he got a gold card with a $5000 line of credit and the same bank issued him a standard VISA with a $500 line of credit.
Your friend's account is never used by you, so he is safe.
2006-07-18 05:20:14 · answer #2 · answered by 4XTrader 5 · 0⤊ 0⤋
My first credit card when I was 17 was a Discover card so I would suggest applying for this type of card. Also, don't apply for several cards and not qualify because this really hurts your credit score and makes you seem desperate so therefore you won't be approved.
2006-07-18 04:30:19 · answer #3 · answered by rodaerc06 3 · 0⤊ 0⤋
you have to establish credit, but the easiet card to get is from capitol one. They start you off with anywhere fromm $250. to $500 and they increase after a year, based on your ability to pay ontime. Also, you bank should be able to give you one based on your history with them and the funds in your account. Try them.
2006-07-18 04:21:57 · answer #4 · answered by anadah 3 · 0⤊ 0⤋
Have you tried applying for a pell grant or a student loan through your school? If you haven't already tried that, start there.
As for credit cards, Citi offers a student card that is pretty easy to get:
http://citi.bridgetrack.com/usc/College/ProductFamily/chooser/default.htm?BTData=C02117B726861725A574B42B7A5AEABAD9B9D9D85F9FBF8F3F4C25FC64A9&BT_TRF=419035&app=COLLEGE&sc=4C1CW284&m=N0O100000AW&langId=EN&siteId=CB&B=M&BT_VEN=1307&BT_PUB=58&BT_CAT=35&SOURCE=GOTO&KEYWORD=card%2Bcredit%2Bstudent&ProspectID=159A7B3B6A234F108C51409E8416FF77
Discover also offers a student card:
http://www.discovercard.com/apply/student/?icmpgn=200512_dc_wp_hu_drpdwn_acq_nap_stu_1
More information:
http://beginnersinvest.about.com/od/studentcredit/
http://www.schoolwork.org/student-credit-cards.html
2006-07-18 04:31:25 · answer #5 · answered by LovingMother 4 · 0⤊ 0⤋
go to your local bank and apply for a student card
2006-07-18 04:20:34 · answer #6 · answered by ML 5 · 0⤊ 0⤋
If you have a bank account, get one through your bank its the easiest to go about it.
2006-07-18 04:19:58 · answer #7 · answered by slash fan 2 · 0⤊ 0⤋
i use to have the same problem try capitol one they gave me one and then everyone will start sending you one if you get them in the mail then fill them out and send them in i am 20 and just got my 1st one
2006-07-18 13:27:37 · answer #8 · answered by cookie 2 · 0⤊ 0⤋
The best place I've found to get new credit is http://www.MyBestAPR.com
Good luck!
2006-07-18 08:17:38 · answer #9 · answered by jackvanz 1 · 0⤊ 0⤋
just apply at one on the internet or call them and tell them it's pretty easy
2006-07-18 04:20:15 · answer #10 · answered by Anonymous · 0⤊ 0⤋